The economic and social impacts of the COVID-19 epidemic have changed the way businesses operate and the real estate industry should be able to adapt to thrive, said an expert.
Scott Jessop, Director of Sales and Marketing for OSK Property, said that the epidemic has given the real estate industry the opportunity to adopt the technology, especially given social restrictions and the ban on public gatherings.
"As an industry, we need to innovate the customer experience on a scale that we did not have before – especially when it comes to digital and content. Buyers will continue to turn to digital first and expect the type of access to projects they’re getting now through virtual tours and live broadcasts, ”at he says Your Investment Property.
Read also: COVID-19 and the real estate market
Jessop said that the OSK property, which is currently developing Melbourne Square, has adopted strategies such as conducting virtual tours and digitizing the sales process to continue operating.
"As the government extends our isolation period, we will all become digital citizens, and our appetite for things like digital sales and live broadcasts will continue long after COVID-19", said Jessop.
In addition, Jessop believes that Australian consumers will emerge from this epidemic with "new habits", which makes it essential to maintain players in the real estate industry.
"The real estate industry has been fairly traditional for a long time, so this time presents a great opportunity for everyone to move a little more with the times."
Although the epidemic has already affected activity in the housing market, it has also allowed buyers to explore their options, particularly in generally competitive areas like Melbourne.
"The Melbourne real estate market has always emerged strongly from a difficult period. Many buyers are looking at these factors and continuing to act," said Jessop.
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